BK Racing owner loses financial control of team

On Wednesday, U.S. Bankruptcy Judge J. Craig Whitley named Matthew Smith as the court appointed trustee to make finanical decisions on the behalf of BK Racing.

BK Racing which was owned by Ron Devine fields the No. 23 car driven by Gray Gaulding at the Monster Energy NASCAR Cup Series (MENCS) level.

With Union Bank & Trust claiming it is owed more than $8 million, the IRS claiming another $2 million owed and a profit loss statement showing roughtly $30 million in losses dating back to the 2014 season, changes at BK Racing has appeared inevitable.

According to reports from SiriusXM NASCAR Radio, several emploees of the team have not been paid and driver Gray Gaulding has been competiting without pay. Gaulding drove for the team early in 2017 but left after a financial dispute before returning later in the season on a part-time basis.

As recently as last season the team fieled two cars and at one point fielded as many as four different entires to the MENCS.

One of the few assests that BK Racing controls is a charter which guarantees the team a starting spot in each MENCS race. The team previously held an additional charter which it sold to Front Row Motorsports prior to the 2017 season.